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What does a Ten-Year Certain and Life Annuity mean?

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A Ten-Year Certain and Life Annuity guarantees a monthly pension benefit for your lifetime, with a minimum of 10 years of payments. Should you die before receiving ten (10) years of monthly benefit payments, the lump-sum actuarial equivalent value of the remaining benefits will be paid in a single payment to your beneficiary(ies). However, if you die after receiving benefits for 10 or more years, no additional benefits are payable. more
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